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Financial Fundamentals, the Newco loss reported as profit

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While who puts the ball in the net determines the outcome of any given game, the financial fundamentals will determine who can win the league title. Today we got an insight into how the medium term future of Scottish football is likely to play-out in this respect, as Newco, Rangers International Football Club, released their interim accounts for the six months to 31 December 2016.

Turnover reached £16.3m, up £5m from their previous season in the Championship. The rise in costs was limited to £4m, allowing them an operating profit of £294k, although their loss for the period was £238k, almost identical to the previous term’s loss of £288k.

No notes are provided with the accounts, so there is no breakdown of £451k of non-operational “other charges”, which tipped the club into a loss.

It is with some astonishment that I note the early reviews proclaim, “financial results show club is in profit under King”, and the like, when “financial results show club is in loss under King” would be considerably more accurate.

RIFC loss as reported in accounts

RIFC loss as reported in accounts

How this is reported is of little consequence, as in reality no one who is taken in by this will have any influence over events, but you have to wonder, what’s the point? Why go shout about a small profit when you should write about an equally small loss?

Neither scenario is particularly noteworthy. Whether Newco made or lost a couple of hundred grand isn’t going to impact their ability to be competitive.  The need to control inconsequential elements of the public narrative is highly dysfunctional.

It suggests some key influencers in this scenario are working-through deep insecurities.

By contrast, Celtic’s income for the six months to 31 December 2016 was £61.2m. Income disparity between the clubs for the second half of the season will be less significant, but Celtic are still likely to turnover circa £50m more than any other club in Scotland.  The league title will remain a no-contest for this reason.

Celtic are also in profit, actual profit, not the imaginary kind you need to compulsively ask journalists to write about.

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413 Comments

  1. Auldheid

     

    Since I have know you I have said the same things re the huns, and I’m sure you will agree I have been right all along.

     

    They have friends in places that others can only dream about, rules are a mere hinderence to them, granted they will find things a tad more difficult when they leave the sfa’s durisdiction, but they have placemen at uefa who imo will see them right, the tenticals are far reaching as well you know.

     

    HH

     

    PS, we only know what we know :-)

  2. GuyFawkesaforeverhero on

    Jobo Baldie on 23rd March 2017 7.35pm

     

     

    Ok, you and CRC since Tuesday.

     

     

    Sent an email on Tuesday night from CRC’s post that day after 1pm. Email went to walkwithshay at yahoo to buy raffle tickets. Nothing back since 21st March.

     

     

    Goalsforshay? Good luck to the wee man.

  3. VFR800 IS NOW A MONSTER 821 on 23RD MARCH 2017 8:12 PM

     

     

    I think what you are really looking for is a time machine, to transport us all back to the 19th century.

     

     

    The idea of any country ‘going it alone’ in today’s world is a little unrealistic.

  4. VFR800 is now a Monster 821 on

    ERNIE LYNCH on 23RD MARCH 2017 8:20 PM

     

     

    Ernie, other nations (such as the Scandinavians) don’t cede their fiscal control so why should we?

     

     

    We can have trade agreements without losing fiscal control.

     

     

    Neither do we need a monarchy.

     

     

     

    KTF

  5. VFR800

     

     

    Lisbon Treaty

     

     

    The adversary is RAMPING up Everything.

     

     

    Yeshua/Jesus is the Reason I’m still here.

     

     

    The Brexit ones are Not haters or Racists.

     

     

    That 3rd Temple husnae gone up yet.

     

     

    Jobo praised my Son for his Brilliant reading of things. I noticed Jobo was Brilliant with the smallest of stakes.

  6. Everyone who has sent an email asking to join Goals For Shay 2 should now have received 2 in return detailing the payment options and the rules. For the 10 that I have just sent this to a couple of minutes ago, apologies for wishing you a good MORNING ;-).

     

     

    Away for a lie down….

     

     

    creatureofhabitCSC

  7. ernie lynch

     

     

    Did you think that post up all by yourself? Or did your wee intern help out there?

     

    Actually you might be better off with a chimp on the keyboard….

     

     

    Have to say your collective efforts have fair cheered me up on this so sad a day.

     

    Keep up the good work!

  8. VFR800 is now a Monster 821 on

    PETEC on 23RD MARCH 2017 8:25 PM

     

     

    Pete, it was an easy get out clause to brand all those who voted Brexit as racists or haters; much the same as No voters in 2014 were branded as unionists. Cheap-shot politics.

     

     

    The 3rd Temple may very well be a Tent Temple, but a major drawback is that they don’t really know where the actual site of the Holy of Holies; and we are still awaiting the anti-Christ (it’s not Trump).

     

     

    So in the meantime, we wait!

     

     

     

    KTF

  9. We are probably 2 years away from a second Independence referendum if indeed it takes place at all.

     

    Please don’t tell me we are going to have to suffer this ping pong match for the next two years.

     

    In any case the final Financial debate will be framed in the context of the fall out from the terms of the UK Brexit from the E.U.

     

    Nobody knows what the outcome of the upcoming negotiations will be, would Scotland do better financially as a small Country which is part of the E.U. or part of the U.K. cut adrift from Europe. You can’t even begin to debate this until you know the terms of the UK exit.

  10. VFR800 is now a Monster 821 on

    CORKCELT on 23RD MARCH 2017 8:37 PM

     

     

    …. would Scotland do better financially as a small Country which is part of the E.U. or part of the U.K. cut adrift from Europe.

     

     

    _________________________________________

     

     

    Or as an independent nation not tied to the UK or Europe?

     

     

     

    KTF

  11. vfr800

     

     

    Now listen, I expect idiocy from ernie, that’s what he is on here for.

     

    I expect better from you. Now go back and read what you have written earlier

     

    and tell me again that you think that proposition makes any kind of sense at all.

     

    Because, trust me, it doesn’t.

  12. Re Phil MacG’s website

     

     

    I wrote to his web developer, a nice guy. Here’s his news:

     

     

    Re: [William Brown Web Designer] Contact Me

     

    Inbox

     

    x

     

     

    William Brown

     

    17:11 (3 hours ago)

     

     

    to me

     

    There are problems with the server that phil uses. I’ve been firefighting this all day. Eventually I called phils hosting company and kicked up a stir because this does not reflect well on me. The latest news is that they are working on the server and assure me they can fic the problem.

     

     

    I hope they do because Phil has a red hot blog waiting to go later tonight.

     

     

    Cheers

     

     

    Wullie

  13. VFR800 is now a Monster 821 on 23rd March 2017 8:35 pm

     

     

    PETEC on 23RD MARCH 2017 8:25 PM

     

     

    Pete, it was an easy get out clause to brand all those who voted Brexit as racists or haters; much the same as No voters in 2014 were branded as unionists. Cheap-shot politics.

     

     

    The 3rd Temple may very well be a Tent Temple, but a major drawback is that they don’t really know where the actual site of the Holy of Holies; and we are still awaiting the anti-Christ (it’s not Trump).

     

     

    So in the meantime, we wait!

     

     

    KTF

     

    …………………………………………..

     

     

    Gra Ma Chri

     

     

    Kojo has resurfaced as the REBEL.

     

     

    The Adversary isnae good.

     

     

    Kojo, One Time, he talked about re-incarnation . WRONG WRONG WRONG.

  14. VFR800 is now a Monster 821 on

    CELTIC MAC on 23RD MARCH 2017 8:40 PM

     

     

    So becuase someone disagrees with you it’s idiocy?

     

     

    I posit this: do you want true independence for Scotland or do you just want to be “free” from England?

     

     

     

    KTF

  15. !!Bada Bing!! on

    Some heartwarming stuff on the news tonight, the fantastic reception for Arlene Fraser, and the vigil in London.As a non politico on here, Teresa May spoke very well last night, and today.

  16. VFR – 2 emails were sent to you yesterday morning at 7.00am. But I’ve forwarded them both on again.

     

     

    Definitely away this time…..

  17. !!Bada Bing!! on 23rd March 2017 8:51 pm

     

     

    Some heartwarming stuff on the news tonight, the fantastic reception for Arlene Fraser, and the vigil in London.As a non politico on here, Teresa May spoke very well last night, and today.

     

     

    ……………………………………………………………………………

     

     

    I think she Wants to do well for Everyone.

     

     

    It takes an Incredibly BRAVE person to say what you just Said.

     

     

    macjay1.CSC

  18. VFR800 is now a Monster 821 on

    PETEC on 23RD MARCH 2017 8:48 PM

     

     

    Gra Ma Chroi – are you flirting with me Pete? 😳

     

     

     

     

    KTF

  19. VFR800 is now a Monster 821 on

    JOBO BALDIE on 23RD MARCH 2017 8:54 PM

     

     

    Junk mail!

     

     

    Now sorted.

     

     

     

    KTF

  20. !!BADA BING!! on 23RD MARCH 2017 8:51 PM

     

    Some heartwarming stuff on the news tonight, the fantastic reception for Arlene Fraser, and the vigil in London.As a non politico on here, Teresa May spoke very well last night, and today.

     

    ——————————————–

     

    Agree totally.

     

     

    HH.

  21. Moonbeamswd on 23rd March 2017 8:11 pm

     

     

    Auldheid

     

     

    You probs answered this already and I missed your reply.

     

     

    Are you aware of who from Celtic PLC was on the SFA/SPFL boards at the time when HMRC identified to these bodies that Rangers in debt in perpetuity and death were owing the tax man?

     

    =========================

     

     

    I was told that at some point after the side letters were made public, Eric Reilly, Celtic’s SPL Board rep asked if the SPL had been approached by HMRC and the answer was yes, but that approach did not reach SPL Board level.

     

    There is nothing to support this but if asked at a SPL Board meeting it ought to be in SPL Board minutes.

     

     

    The inference was Eric (and possibly other Board members) had been kept out of it but it amounts to heresay in absence of documentation..

     

     

     

    MWD

  22. Celticrollercoaster supporting @WalkWithShay on

    GUYFAWKESAFOREVERHERO on 23RD MARCH 2017 8:19 PM

     

    Jobo Baldie on 23rd March 2017 7.35pm

     

     

     

    Ok, you and CRC since Tuesday.

     

     

     

    Sent an email on Tuesday night from CRC’s post that day after 1pm. Email went to walkwithshay at yahoo to buy raffle tickets. Nothing back since 21st March.

     

     

     

    Goalsforshay? Good luck to the wee man.

     

     

     

    ————————–

     

     

    Good Evening GUYFAWKESAFOREVERHERO

     

     

    We have your email and a backlog :-)

     

     

    Will respond to you soon, promise!

     

     

    Thank you for joining Wee Shays Green Raffle Army!

     

     

    We are still on the lookout for recruits and will be announcing some of the very special prizes on offer to tempt you all to help us out:-)

     

     

    HH

     

     

    CRC

  23. What is the Stars on

    Very dignified and positive scenes in Derry today

     

    Well done to all who attended,Well done Arleen Forster and the 2 Protestant clergymen also.that must have been difficult for them.

  24. Big Georges Fan Club - Hail, Hail, Wee Oscar on

    Jobo

     

     

    Goalsforshay Mk II – count me in (hoping to improve on joint 90th place).

     

     

    HH

     

    BGFC

  25. VFR800 is now a Monster 821 on

    PETEC on 23RD MARCH 2017 9:13 PM

     

     

    iPhone 7

     

    iPad Pro

     

    MacBook Pro

     

    iMac

     

     

    🤓

     

     

    KTF

  26. TET

     

     

    You have only been right so far :)

     

     

    The boiling frog is an anecdote describing a frog slowly being boiled alive. The premise is that if a frog is put suddenly into boiling water, it will jump out, but if the frog is put in cold water which is then brought to a boil slowly, it will not perceive the danger and will be cooked to death. The story is often used as a metaphor for the inability or unwillingness of people to react to or be aware of threats that arise gradually.

     

     

    Its all simmering nicely.

  27. PETEC

     

     

    Awe naw will I go to the bad fire for having a Mac:))

     

     

    It’s okay it’s a Buddhist Mac it’ll reincarnate into something else in the next life!!!

  28. Agreed Wits, let’s see if it’s a catalyst to get Power Sharing up and running again.

  29. Auldheid

     

    You sure have a way with words mi amigo :-)

     

    I want them gone as much as the next Celtic man, but while they are around I want them to suffer, I want them to suffer like they have caused others to suffer due to their cheating and corruption and lies.

     

    But they won’t, for all they have done, they have not been punished whatsoever, nothing, they were fined a few £ but decided that fines were not for them and haven’t bothered to pay it.

     

    They were given a licence via the 5WA and one stipulation was they paid all the old huns football debts, they haven’t bothered with that either.

     

    It’s no coincidence that I have been right up till now :-(

     

    HH